No crisis of edible oil in market: Businessmen

Businessmen at a meeting today said that there is now no crisis of edible oil in the countrywide kitchen markets while there would be no crisis of such oil till the Holy Eid-ul-Fitr with the current stock of refined and non-refined oil.

The businessmen gave such assurance at a meeting with the importers, millers, refiners, wholesalers and leaders of different market committees to discuss the market situation of edible oil held today at FBCCI Icon in the capital. They, however, urged the government to withdraw VAT on the import of edible oil for the next three months to bring stability in the edible oil market and also to introduce bonded system for edible oil.

FBCCI President Md Jashim Uddin presided over the meeting.

Importers and wholesalers who were present at the meeting said that edible oil has been imported in line with the demand of the domestic market while the current stock of edible oil would last with ease and comfort during the Holy month of Ramadan having no such crisis.

But, they demanded of the government to withdraw VAT on edible oil as its price has also increased globally. Speaking on the occasion, the FBCCI President urged the government to withdraw VAT on the import of edible oil for the next three months to bring stability in the edible Oil market.

Citing the example of India, Jashim said India has adjusted VAT and duty on edible oil three times and Bangladesh should also go for the adjustment to bring back normalcy in the cooking oil market.  "The government should introduce bond on import of edible oil to stop the manipulation of the prices of the widely consumed Soybean oil," Jashim suggested.

The FBCCI President said that a handful of unholy businessmen have been selling the oil at higher prices than the price fixed by the government. To protect this ill practice, the FBCCI will form a market monitoring cell, he informed.

Jashim also urged the market committee to actively monitor the market as well as opined that edible oil should not be sold in loose form. He said despite no deficit of edible oil in the market, the rise of soybean oil price is abnormal. 

Cautioning the business community against any manipulation, the chief of the apex trade body said that all would have to sell edible oil as per the government fixed price. "Since you've (businessmen) said that there is no dearth of edible oil, so don't try to hoard oil and thus manipulating it's price illogically."

Earlier in the meeting, Taslim Shahriar, Senior AGM from Meghna group informed that, in the last one year, the price of the edible oil increased by 61 percent in the global market, whereas, it increased 21 percent in Bangladesh.

City Group Director Biswajit Saha claimed that there is no supply shortage from millers. "The city group supplies two and a half thousand metric ton oil daily," he informed. To control the skyrocketing of the price of the edible oil, Kazi Salahuddin Ahammad, Senior General Manager of S. Alam Group demanded VAT withdrawal on the edible oil. 

Echoing with the same demand, TK group director Shafiul Taslim said that the government earns Taka 25 to 27 as revenue from per liter Soyabean oil. "The revenue relief will end the crisis till Ramadan," he added.

During the meeting, Wholesale Edible Oil Traders Association President Haji Md. Golam Mawla urged for a stable supply of the edible oil.  Bangladesh Shop Owners Association President Md Halal Uddin suggested fixing the price in every 15 days.

FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md Habib Ullah Dawn, Director Rezaul Karim Rejnu, Harun Or Rashid, Abu Hossain Bhuiyan (Ranu), Secretary General Mohammad Mahfuzul Hoque, Moulavibazar Babosayee Samity President Md Bashir Uddin were also present at the discussion meeting.